(Yicai Global) Jan. 18 -- Chinese mainland stocks closed higher today, boosted by official data that showed the economy grew 2.3 percent last year, making China’s the only major economy to avoid a recession.

The Shanghai Composite Index rose 0.84 percent to 3,596.22, while the Star Market Board 50 Index jumped 2.33 percent to 1,481.25. The Shenzhen Component Index gained 1.58 percent to 15,269.27, and the ChiNext Price Index climbed 1.92 percent to 3,149.20.

Companies in commercial services, electronic technology and technology services headed up the gains.

China’s gross domestic product stood at CNY101.6 trillion (USD15.64 trillion) last year, breaking through the CNY100 trillion level for the first time ever, according to data the National Bureau of Statistics published. 

Annual GDP growth came in below the average 2.44 percent increase chief economists canvassed by Yicai Global predicted, but topped the 1.9 percent increase forecast by the International Monetary Fund. In the fourth quarter, GDP rose 6.5 percent year on year.

Equities had closed out last week little changed after rebounding from early losses thanks to bargain hunters.

Editor: Peter Thomas